CEYLON TODAY - 22 May 2022

GLOBAL 03

The radio station givingSUNDAY22may2022
indigenous people a voice
By Grace Livingstone
Dad Neba says that the radio station allows indigenous peoples ‘to speak for ourselves’. (Grace separate ‘comarcas’ or semi-
Business reporter, Panama City Livingstone via BBC) autonomous indigenous areas in
The high-rises and glass towers of Panama, comprising 23 per cent of the
Panama City gleam in the sunlight. teaching people how to make radio The Pan American Highway, which national territory. But dozens of smaller
But on the other side of town, there’s programmes. began construction here in the early indigenous communities do not have
an old office block where if you go up the 1970s, was built right through the formal titles to their lands, which are
stairs and you’ll find a tiny makeshift Arona Membache attended one of his rainforest where they lived. under threat from cattle ranching,
radio studio. workshops in the small community of logging, agriculture and, more recently
From here, Panama’s first indigenous Arimae, in the province of Darien in “When the road came, we had serious the mining industry.
people’s radio station, Voces Originarias eastern Panama. “We learnt how to write problems here,” says Abrego
Panamá, is now broadcast across the a script, gather information, record Membeche, one of the founders of The country’s largest mine opened in
country. sound, basically everything about radio,” Arimae. “Outsiders began to arrive and 2019 and the government is considering
Panama has almost half a million she says. take over the land. We had to challenge several more mining concessions.
indigenous people, who make up 12 per these people and demand the
cent of the population, and speak seven Like most people here, Membache is a government take action.” Between 2001 and 2019, Panama lost
different languages. Dad Neba, the subsistence farmer cultivating plantain, 414,000 hectares (or 7.3 per cent) of its
station’s coordinator, says it’s time they yuccas, yams, rice and maize. In her The community finally got a title to tree cover, including 73,000 hectares of
had a voice. spare time she teaches children their lands in 2015, but it’s a much primary rainforest, according to the
“Historically we’ve been bombarded traditional dances that were taught to smaller area than they once had. Over Rainforest Foundation. In that period,
with information from outside, and now her by her mother. the past 50 years, they’ve lost more than Darien province - where Arimae is
we want to speak for ourselves,” he 600sq km (232sq miles). located - saw the greatest level of
says. “We want to show the needs of our She now sends the radio station deforestation, totalling 104,000
peoples.” reports in the local language, Emberá, Much of that was virgin forest, cut hectares.
The idea of the station emerged and audio recordings of the songs and down by loggers and farmers who came
during the Covid pandemic, when it was drums that accompany the dances. after the road was built. Many people Arimae resident Mariela Sabúgura
vital to get health information to isolated “Using our cell phones, we can send here want the radio station to highlight agrees that the radio station could be
communities. “We had programmes in reports from here showing our culture, the importance of protecting nature. used to talk about conservation.
seven languages about prevention,” identity and language,” says Membache. “Human beings themselves have
says Neba. “In each language we’d say José Bacorizo is president of the destroyed mother earth,” she says. “Now
‘you must wash your hands’.” Caselina Bacorizo, 79, a fellow Arimae’s elected congress. “We should we need to conserve it and turn it back
He operates the station with DJ resident of Arimae, says: “I didn’t know have a [radio] programme teaching our to how it was - virgin forest.
Olocunaliler Ferrer who, in between anything about radio before, but after values, how we value the land, and why
programmes about history, current going to the workshops, I can see that it’s important to conserve nature,’ he “We could use the radio station to
affairs, indigenous rights and culture, having our own radio station is so says. raise awareness and come up with
plays a range of music from traditional important. We could use it to teach our ideas. We could replant the forest, plant
songs, to indigenous rock and rap. children about our culture, and to “The forest is what gives us life. It fruit trees, timber trees.”
It was launched last year by the maintain our language.” gives us oxygen. Without it we wouldn’t
National Coordinating Body of be able to breathe. So, we have to care By enabling indigenous people to
Indigenous Peoples of Panama Arimae has a population of 997. Many for nature because nature cares for us.” defend their lands and the environment,
(COONAPIP), which represents all the residents live in wooden houses with the radio station may also protect their
traditional indigenous authorities of thatched palm rooves, while others More than half of Panamanian livelihoods, which in rural areas is either
Panama. homes are made of breeze blocks and territory is covered by rainforest. It also growing food for their own consumption,
They see the radio station as an corrugated iron. has large areas of mangroves. or a mixture of subsistence farming and
important tool to defend the culture, land small scale agriculture, aimed at local
and social and economic rights, of The people in Arimae are from two Although the Panamanian markets.
indigenous people. different indigenous groups, the Emberá government has strengthened
“From every corner of the country, and the Wounaan. They came together environmental laws over the last 20 Voces Originarias Panamá is a digital
indigenous people can send news to the and founded this community in 1969 to years, deforestation remains a concern radio station. Cell-phone coverage is
station in their own language,” says defend themselves from road builders. for indigenous peoples. patchy in some isolated communities,
Marcelo Guerra, the president of so it can be hard to hear the radio
COONAPIP. The government recognises five station online. Many residents of Arimae
“They can talk about the problems said they’d like the government to
they face in their territories, whether that allocate the station an analogue
be incursions onto their lands, lack of terrestrial radio frequency, so it can be
health facilities, or clean water.” picked up by traditional radios.
There are seven different indigenous
peoples of Panama - the Ngäbe, the The radio station is in its early days.
Buglé, the Guna, the Emberá, the It’s run by volunteers in the offices of
Wounaan, the Bribri, and the Naso Tjërdi. COONPIP.
Neda is a Guna from Guna Yala, an
indigenous territory spread across It received financing from the
hundreds of islands off the Caribbean International Union for the Conservation
coast of Panama. He’s worked of Nature (IUCN), a network of
voluntarily for years in community radio, governmental and non-governmental
and is now travelling to indigenous agencies, but now funds are running
communities across the country, low. Dad Neba, the station’s coordinator,
however, is determined to keep it going.
“The radio station is a fundamental tool
for the indigenous peoples of Panama to
protect their rights and strengthen their
culture, their identity and their
languages.” Above all, he says,
indigenous people want their voices to
be heard.

(BBC News)

04 GLOBAL

SUNDAY 22 may 2022 G
d
a

By Soutik Biswas

India correspondent
In Varanasi, one of the world’s oldest
living cities, Hindus and Muslims have
prayed close to each other in a temple and
a mosque that sit cheek by jowl.
The heavily-guarded complex points to
its uneasy history. The Gyanvapi mosque
is built on the ruins of the Vishwanath
temple, a grand 16th Century Hindu shrine.
The temple was partially destroyed in 1669
on the orders of Aurangzeb, the sixth
Mughal emperor.
Now the place is in the throes of a
dispute which could stoke fresh tensions in
Hindu-majority India, where Muslims are
the largest religious minority.
A bunch of Hindu petitioners have gone
to a local court asking for access to pray at
a shrine behind the mosque and other
places within the complex. A controversial
court order which allowed video-recorded
survey of the mosque is said to have
revealed a stone shaft that is the symbol of
the Hindu deity Shiva, a claim that has
been disputed by the mosque authorities.
After this, a part of the mosque has been
sealed by the court without giving the

GLOBAL 05

Gyanvapi masjid: IndiaSUNDAY22may2022
dispute could become
a religious flashpoint

mosque authorities a chance to present A 1991 law called the Places of consisting of a central sanctum and In desecrating temples, Mughal rulers
their case. The dispute has now reached Worship Act disallows conversion of a surrounded by eight pavilions”, were following ancient Indian precedent,
the Supreme Court, which said on place of worship and maintains its according to Diana L Eck, a professor of Prof Eaton says.
Tuesday (17) that the complex would be religious character as “it existed” on 15 comparative religion and Indian studies
protected, and prayers will continue in August 1947, India’s Independence Day. at Harvard University. He adds that Muslim kings since the
the mosque. Critics of the dispute in Varanasi say this late 12th Century, and Hindu kings since
is a defiance of the law. Asaduddin It is also established that in less than a at least the 7th Century “looted,
This has triggered fears of a re-run of a Owaisi, a prominent Muslim leader, says century, the temple was “torn down at redefined, or destroyed temples,
decades-long dispute involving the Babri the “mosque exists and it will exist”. the command of Aurangzeb”, Prof Eck patronised by enemy kings or state
Masjid, a 16th-Century mosque which says. “Half-dismantled, it became the rebels as the normal means of detaching
was razed to the ground by Hindu mobs A leader of the ruling BJP in Uttar foundation of the present Gyanvapi defeated rulers from the most prominent
in the holy city of Ayodhya in 1992. Pradesh state, where Varanasi is located, mosque”. manifestations of their former sovereign
believes nothing is set in stone. “The authority, thereby rendering them
The demolition of the mosque truth has come to light... We will It is also accepted that the mosque is politically impotent.”
climaxed a six-year-long campaign by welcome and follow orders of the court built on the ruins of the temple. In Prof
the Hindu nationalist Bharatiya Janata in the matter,” Keshav Prasad Maurya, Eck’s description “one wall of the old This is not exceptional, say historians.
Party (BJP) - then in opposition - and the deputy chief minister, says. temple is still standing, set like a Hindu European history had its share of
sparked riots that killed nearly 2,000 ornament in the matrix of the mosque”. religious conflict and desecration of
people. In 2019, the Supreme Court ruled It is not entirely clear what truth has to churches. Northern Europe, for example,
that the disputed site in Ayodhya should be uncovered. “When viewed from the rear of the saw many Catholic structures
be given to Hindus who are now building mosque, the dramatic contrast of the demolished or desecrated during the
a temple there. Muslims were given For one, it is widely accepted that a two traditions is evident: the ornate Protestant revolt in the 18th Century.
another plot to construct a mosque. temple existed at the site. The shrine stone wall of the old temple, magnificent Such examples include the desecration
was “grand in scale and execution, even in its ruined condition, topped by of Utrecht Cathedral in 1566, or the near-
the simple white stucco dome of today’s complete demolition of St Andrews
mosque”. Cathedral in Scotland in 1559.

The fact that a part of the ruined But as Pratap Bhanu Mehta, a
temple’s wall was incorporated into the prominent commentator, observes:
building “may have been a religiously “Secularism will be deepened if it lets
clothed statement about the dire history be history, not make history the
consequences of opposing Mughal foundations of a secular ethic.” And that
authority”, according to Audrey Truschke, the ongoing dispute in Varanasi can only
author of Aurangzeb: The Man and the end up opening “another communal
Myth. front”.

Historians believe one reason why the Such concerns are premature, says
temple was attacked by Aurangzeb was Swapan Dasgupta, a right-leaning
that its patrons were believed to have columnist. “There is, as yet, no demand
facilitated the escape from prison of for the removal of the mosque and the
Shivaji, a Hindu king who was a restoration of the previously existing
prominent enemy of the Mughals. state of affairs… Also the law does not
allow any scope for the present religious
“Temples patronised by persons who character of a shrine to be modified,” he
had submitted to state authority but who wrote. “To that extent, the present tussle
subsequently became state enemies in Varanasi is aimed at securing greater
were often targeted by Mughal rulers,” elbow room for worshippers.”
says Richard M Eaton, who teaches
South Asian history at the University of Such assurances do not find many
Arizona. takers. Last year the Supreme Court
accepted a petition challenging the
At least 14 temples were “certainly Places of Worship law, which by itself
demolished” by Mughal officers during could open a fresh fault line.
Aurangzeb’s 49-year rule, according to
Prof Eaton, who has recorded 80 “This campaign [in Varanasi] is just the
examples of desecration of temples in beginning of a series of demands in
India between the 12th and 18th Century. respect to other places of worship on
which there are [Hindu] claims,” says
“We shall never know the precise Madan Lokur, a retired justice of India’s
number of temples desecrated in Indian Supreme Court.
history,” he says. However, what
historians do know as fact is far from the This could easily lead to a lifetime of
exaggerated claims by the right-wing strife.
that up to 60,000 temples were
demolished under Muslim rule. (BBC News)

06 GLOBAL

SUNDAY 22 may 2022

Girls arrived at secondary Afghanistan:
schools in March only to Inside a
be told they would be sfeocrrgeitrslcshool
shut once more. (BBC)

Influential cleric Sheikh Rahimullah By Secunder Kermani us, but she adds, girls’ education is worth arrest me, they beat me, it’s worth it.”
Haqqani was in Kabul last month to meet “any risk”. Back in March, it seemed as if girls’
senior Taliban figures. (BBC) BBC News, Kabul
Hidden away in a residential In all but a handful of provinces in the schools were about to reopen. But just an
neighbourhood is one of Afghanistan’s country, girls’ secondary schools have hour or so after pupils began arriving, the
new “secret” schools - a small but been ordered to remain closed by the Taliban leadership announced a sudden
powerful act of defiance against the Taliban. change in policy.
Taliban.
Around a dozen teenage girls are At the school we visit, they’ve done an For the students at the secret school,
attending a maths class. impressive job trying to replicate a real and many other teenage girls, the pain is
“We know about the threats and we classroom, with rows of neat blue and still raw.
worry about them,” the sole teacher tells white desks.
“It’s been two months now, and still
“We do our best to do this secretly,” schools haven’t reopened,” one 19-year-
says the female teacher, “but even if they old in the makeshift classroom told us. “It

GLOBAL 07

SUNDAY 22 may 2022

The Taliban ruled this
month that women in
Afghanistan must
wear a face veil. (BBC)

makes me so sad,” she added, covering Taliban’s Ministry of Education seemed she’s treated by a female doctor.” by the Taliban intelligence department,
her face with the palms of her hands to as surprised as anyone when the Similar fatwas have been issued by later deleting his tweets and apologising
hold back the tears. leadership overruled their plans in March, for his earlier comments on beards.
and some senior Taliban officials are clerics in Herat and Paktia provinces in
But there’s also a mood of defiance. understood to be educating their Afghanistan. It’s a symbol of how There appears to be very little
Another 15-year-old student wanted to daughters in Qatar or Pakistan. widespread support for girls’ education grassroots opposition to female
send a message to other girls in now is in the country, even amongst education in Afghanistan, but some
Afghanistan: “Be brave, if you are brave In recent weeks, a number of religious conservative circles, but it’s not clear how Taliban figures cite concerns about the
no-one can stop you.” scholars with links to the Taliban have much of an impact the decrees will have. Islamic State group using the issue as a
Primary schools for girls have issued fatwas, or religious decrees recruitment tool, if girls’ schools are
reopened under the Taliban, and have in supporting girls’ right to learn. The Taliban have formed a committee opened up. Western officials, however,
fact seen a rise in attendance following to examine the issue, but multiple have also made clear that progress on
the improvement in security in rural parts Sheikh Rahimullah Haqqani is an sources with links to the Taliban told the women’s rights is key for the Taliban to
of the country, but it’s not clear when or if Afghan cleric, based largely across the BBC that while even senior Taliban be able to access some of the billions of
older girls will be allowed back into class. border in Peshawar, Pakistan. He’s well- ministers were on board with the dollars of foreign reserves that are frozen.
The Taliban have said the correct respected by the Taliban and on a trip to reopening of girls schools in March,
“Islamic environment” needs to be Kabul last month met senior figures opposition to it centred around the Meanwhile, Afghan women’s rights
created first, though given schools were within their government. group’s leadership in the southern city of activists are trying to ensure a generation
already segregated by gender, no-one Kandahar, where the “Amir” or Supreme of girls aren’t left behind.
seems sure what that means. He’s careful not to criticise the Leader, Mullah Haibatullah is based.
Taliban officials have repeatedly continued closure of schools but, At the secret school we visited, they
insisted in public that girls schools will speaking at his madrassa in Peshawar, After initially adopting a more flexible hold lessons for one or two hours per day,
reopen, but also admit that female with his mobile phone in hand, scrolls attitude when taking power last August, focused on maths, biology, chemistry
education is a “sensitive” issue for them. through the text of his “fatwa”, which the Taliban have recently been issuing and physics.
During their previous stint in power in the shares decrees from earlier scholars and more and more hardline edicts, including
1990s, all girls were prevented from accounts from the life of the Prophet making the face veil compulsory for The teacher in charge knows there are
going to school, ostensibly due to Muhammad. women and encouraging them to stay at many other girls who would like to attend,
“security concerns”. home. Meanwhile, their tolerance for but they’re constrained by the lack of
Now, multiple sources told the BBC, a “There is no justification in the sharia dissent, even in their own ranks, is space and resources, as well as the need
handful of hardline but highly influential [law] to say female education is not dissipating. to remain below the radar.
individuals in the group appear to still be allowed. No justification at all,” he tells
opposed to it. the BBC. One Taliban member with a large She’s not hopeful about the prospect of
In private, other Taliban members have following on social media, had tweeted regular schools opening up any time
expressed their disappointment at the “All the religious books have stated critically about the closure of girls’ soon, but is determined to do what she
decision not to open girls’ schools. The female education is permissible and schools, as well as new rules ordering can.
obligatory, because, for example, if a government employees to grow their
woman gets sick, in an Islamic beards. However, according to one “As an educated woman, it’s my duty,”
environment like Afghanistan or Pakistan, source, he was called in for questioning she tells the BBC. “Education can save us
and needs treatment, it’s much better if from this darkness.”

(BBC News)

08 GLOBAL

SUNDAY 22 may 2022

By Phil Mercer

BBC News, Sydney Key economic decisions are outsourced to independent bodies
Across Australia household budgets such as the RBA which sets official interest rates. (BBC)
are being tightly squeezed, with the cost
of living soaring to an eye-watering 21 Australia election
year high. 2022: Cost of living
Rising prices will be a pivotal concern worries voters
for voters as they head to the polls on candidate, Anthony Albanese, as a “loose nation’s economy were the other top more ground than they really can
Saturday (21). unit” on the economy priorities among more than 3,500 voters control,” she says. “The reality is a bit of a
Although not surging as high as in surveyed by the ANU. mixture because certainly, and Covid
other countries at 5.1 per cent, Australia’s “It is like he just unzips his head and illustrated this pretty well, governments
inflation rate is outstripping wage growth let’s everything fall on the table. That is Key economic decisions have been can do a lot in terms of spending money
(2.3 per cent) meaning people have less no way to run an economy,” thundered outsourced to independent bodies (such to generate employment in the short-
money in their pockets every month. Mr Morrison. as the RBA, which sets official interest term.”
In the Sydney suburb of Lakemba, 12 rates), or are dictated by the demand and
km from the centre of the nation’s In response, Labor leader Anthony supply of goods and services, both in Australia has a small, open economy
biggest city, almost everyone I meet is Albanese said the Australian economy Australia and overseas. But the national that thrives on confidence.
worried about the rising cost of rent, food, was “crying out for leadership and government does wield considerable
fuel, and other essentials. reform” but was getting neither from the influence on the fate of the economy And ultimately, it’s individuals that
“I am a single mum with two kids. The current administration. Albanese wants through its tax and spending policies, for collectively power an economy, but
childcare - everything - is very expensive. an increase to the minimum wage of at example. Massive wage subsidies and governments with vision are able to
(It is) stressful sometimes,” says Diana, least 5.1 per cent, to keep pace with other stimulus measures during the foster enterprise, innovation, and
who lives nearby. inflation. darkest days of the pandemic did protect prosperity.
Meanwhile, at a busy grocery shop she jobs and businesses in Australia.
runs on the main street, Summer Hamze Almost two-thirds of Australians say “There is a lot of catching up to do in
is organising deliveries. She tells me that reducing the cost-of-living should be the However, with three-year parliamentary terms of growth, in terms of opportunity,
many of her customers can barely keep top priority for the next government, terms in Canberra, some academics and, indeed government can set the
up with the price rises she’s forced to according to recent analysis. argue that federal politicians can be pace,” explains Peter Khoury, from the
pass on from her suppliers. distracted by almost constant NRMA, a large motoring and transport
“With the inflation, actually, we do need Professor Nicholas Biddle from the electioneering and exaggerate their company.
the Government to get that under control Australian National University (ANU) says control over the economy.
because it is out of control,” she tells the rising prices were “high on the minds” of “As long as there is confidence in the
BBC. “It is just rising and rising and rising, many voters of various political “One of the problems Australia has is economy and in the strength of the
and people are getting really scared these persuasions. its short parliaments, which means they economy, Australian entrepreneurs and
days.” are almost perpetually in this cycle of businesses will invest.”
Given inflation is largely being driven by “This outranks all other major policy gathering votes.
market forces such as higher global considerations,” he says. “Interestingly, “Economically speaking, Australia will
shipping and energy prices, in Lakemba, we found this was a view held by people “If a government is always worrying come out of Covid better than most
opinion is divided over how much can be who said they would vote for Labour, for about the political cycle then when do countries. So, you don’t want to miss that
done by the next government. people who said they would vote for they have time to knuckle down and really opportunity,” he adds.
“It is in their hands, because they know (Scott Morrison’s) Coalition and for those get things done,” says Michelle Baddeley,
the economic factors, everything,” says who weren’t planning on voting for either a professor of economics at the Australians voters will soon decide
one man. “So, they know how to handle party”. University of Technology, Sydney. who they trust to help steer their country
the situation.” through the recovery - and beyond - for
Whereas another passer-by disagreed. Fixing Australia’s nursing home system “I think, yes, there is a bit of claiming the next three years.
“Nah, I don’t think anyone can do for older people and strengthening the
anything,” he says. “Even if they change (BBC News)
the government, I don’t think anything will
happen because the banks will do their
thing.”
Earlier this month, Australia’s Reserve
Bank (RBA) increased interest rates (by
0.25 per cent to 0.35 per cent) for the first
time in more than 11 years - the first hike
in the middle of an election campaign
since 2007.
Rates were held at historic lows during
the Covid-19 pandemic in a bid to
encourage Australians to keep spending.
But as inflation surges and the economic
recovery post-Covid gets underway, the
RBA is applying the brakes to stop the
economy overheating. It is making
money more expensive to borrow.
More interest rate increases are
expected in the months ahead. That’s
good for savers, but it’s estimated that
300,000 Australians could default on
their mortgages as repayments increase.
So, whichever candidate wins the
election at the weekend they will have to
navigate choppy economic waters.
Scott Morrison, the Prime Minister,
whose centre-right coalition has been in
power for almost a decade, has slammed
his main challenger, opposition

Published by Ceylon Newspapers (Pvt) Limited, 101, Rosmead Place, Colombo 7 and printed at its press at No. 302/1A, Minuwangoda Road, Ja-Ela.

sunday 22 may 2022

EXCHANGE RATES 20.05.2022

Currency Buying Rate Selling Rate
257.4611
Australian Dollar 246.2471 285.8714
54.3851
Canadian Dollar 274.7276 385.9320
2.8648
Chinese Yuan (Renminbi) 52.1434 265.0586
454.9265
Euro 375.2140 376.2881
364.4504
Japanese Yen 2.7572

Singapore Dollar 256.1202

Sterling Pound 439.6169

Swiss Franc 362.8395

US Dollar 354.4897

Country Currency Indicative Rate FitchFrom Bad to Worse Teejay achieves
Bahrain Bahrain Dinar 953.4261 Downgrades
Kuwait Kuwait Dinar Sri Lanka to ‘RD’
Oman 1,173.5660
Qatar Oman Rial 933.6892
Saudi Arabia Qatar Riyal 98.4108
UAE Saudi Arabian Riyal 95.8319
UAE Dirham 97.8683

Source: CBSL US$ 250M in sales

CBSL expects a Teejay Lanka PLC has reported a

sharp reduction revenue milestone of Rs 50 billion at
in economic
growth Group level for FY 2021-22, achieving

its first annual sales of a quarter of a

billion in US Dollar terms at the rates of

exchange that prevailed during the

year.

A strong fourth quarter during which

revenue grew 38% to Rs 13.5 billion,

the highest quarter revenue since the

Company’s inception, enabled Sri
Lanka’s largest textile manufacturer to Ajit Gunewardene

achieve 12-month sales growth of

Rs 17.8 billion or 56% to end what was

a challenging year for businesses in

general, on a high note.

The Group posted profit before tax

of Rs 2.887 billion and net profit of Rs

By Mario Andree 2.517 billion for the year ending 31st

The Central Bank of Sri Lanka (CBSL) envisages a March 2022, recording healthy growth
sharp reduction in economic growth, as it is affected
considerably by the ongoing supply shortages, of 11% and 18% respectively. Net profit
energy related issues and social tensions.
for the fourth quarter was Rs 826.2
According to the monetary watchdog, several
leading indicators are showing signs of sharp million, reflecting an improvement of
contraction of the national economy.
9%. Pubudu De Silva
The ongoing foreign exchange crisis has taken toll At company level, Teejay Lanka
on the daily livelihood and business activity as
shortages of fuel and essential commodities as well increased revenue by 40% to Rs 29.4 billion for the year, and
as raw materials for production are weighing heavily.
reported pre-tax profit of Rs 2.6 billion and net profit of Rs 2.4
Continued on Page 4
billion, achieving growth of 23% and 24% respectively.
Seylan Bank
records PAT of Notably, the Group has continued its strong balance sheet, to
Rs 1.1B
end the year reviewed with a cash balance of Rs 7.8 billion.

Kapila Ariyaratne Ravi Dias Fitch Ratings has downgraded Sri Lanka’s Fitch have downgraded Sri Lanka’s foreign- FVMP debt upped
Long-Term Foreign-Currency (LTFC) Issuer currency issue ratings to ‘D’ from ‘C’, given
Default Rating (IDR) to ‘RD’ (restricted the default on the senior unsecured foreign- to Rs 2.784 Trillion
default) from ‘C’. currency bonds and the cross-default
clauses triggered in the other rated By Paneetha Ameresekere
Fitch typically does not assign modifiers international foreign-currency sovereign
for sovereigns with a rating of ‘CCC’, or below. bonds. Government of Sri Lanka’s (GoSL’s) face value money printing
(FVMP) debt increased by Rs 17,191 million (0.62 per cent) to
The downgrade of Sri Lanka’s LTFC IDR to Local Currency Debt Not Affected: The Rs 2,801,198.86 million (Rs 2.8012 trillion) yesterday (Thursday,
‘RD’ follows expiry of the 30-day grace period rating action applies only to the government’s 19 May 2022).
on coupon payments that were due on 18 long-term external debt obligations. Fitch has
April 2022 on two international sovereign affirmed Sri Lanka’s Long-Term Local However, yesterday’s increase was non-demand pull
bonds. Currency IDR at ‘CCC’, as the Government inflationary as it was used to meet an external commitment.
has continued to service local-currency debt
On 12 April 2022, the Ministry of Finance and we assume this will continue. We have GoSL’s MP borrowing costs (BCs) decreased by Rs 48,561.18
made a statement that it had suspended also affirmed Sri Lanka’s Short-Term IDRs at million (28.08 per cent) to Rs 124,393.25 million yesterday. This
normal debt servicing of several categories of ‘C’ and the Country Ceiling at ‘B-’. was due to buying pressure of risk free low returns Treasury (T)
its external debts, including bonds issued in Bills and T-Bonds in secondary market trading yesterday, rather
the international capital markets and foreign ESG - Governance: Sri Lanka has an ESG than lend to the high returns private sector, the engine of growth,
currency-denominated loan agreements or Relevance Score of ‘5’ for Political Stability due to sustained uncertainty.
credit facilities with commercial banks or and Rights as well as for the Rule of Law,
institutional lenders. Institutional and Regulatory Quality and Market’s net shortfall increased by Rs 20,833 million (2.90 per
Control of Corruption, as is the case for all cent) to Rs 739,078 million yesterday, led by the settlement for
Following this announcement, Fitch sovereigns. the payment of essential imports met from the country’s foreign
downgraded the LTFC IDR to ‘C’ on 13 April reserves, consequent to which liquidity decreased by Rs 20,833
2022. Continued on Page 4 million (US$ 105.70 million) during the course of trading on the
same day. Conversions are based on the administered
Seylan Bank PLC recorded a Profit After Tax (PAT) Suffering for the Mistakes of Others! benchmark ‘spot’ value of Rs 359.75 to the US dollar as at
of Rs 1.1 billion in Q1 2022, maintaining its forward Tuesday. CBSL lacks transparency in its open market operations.
momentum in a period of volatile macroeconomic
challenges. The Bank capitalised on its strong GoSL’s FVMP debt has been over Rs two trillion for a record 78
fundamentals with capital adequacy ratios well above market days to yesterday. The market has been short for a record
regulatory requirements; whilst ensuring its liquidity 168 market days to yesterday. GoSL’s highest to the 172nd
position remained above the required minimum ratios highest FVMP debt has been registered for a record 172 market
during the quarter, maintaining the Statutory Liquid days to yesterday.
Asset Ratio (SLAR) for the Domestic Banking Unit and
the Foreign Banking Unit at 23.32 per cent and 22.65 Sri Lankan economic
per cent respectively. This, along with a strong Net crisis brings
Interest Income (NII) of Rs 6.8 billion, recording a opportunity for
growth of 22.51 per cent in the period under review, Indian tea industry
ensured that Seylan Bank perseveres through
macroeconomic challenges to retain its forward
momentum in the first quarter of 2022.

Continued on Page 4

First Capital This heartwarming sight of two twin toddlers pushing their father’s Three-Wheeler to the nearest fuel Gripped by a severe economic crisis, Sri Lanka, a major player
station was captured by a citizen, who too was waiting in a multiple-hour-long queue to obtain fuel. Sri in the global tea market, has not been able to export tea, creating
sees losses Lankans are facing their worst economic crisis and essential items are scares due to foreign exchange an opportunity for the Indian tea industry to tap the market.
shortage to import essential commodities
First Capital Holdings PLC (the Group), a member The tea traders of North Bengal said the present condition in
of the Janashakthi Group, reported a Loss after Tax Amana Takaful Sri Lanka, which has been unable to export its tea, can create
of Rs 413 million for the year ended 31 March 2022, opportunities for the new market in India.
compared to a Profit after Tax of Rs 2.1 billion in the sees improved GWP
previous year. The wealth management and stock Kamal Kumar Tiwari, Chairman of the Siliguri Tea Auction
brokering businesses contributed positively towards Amana Takaful Insurance, recently posted handsome Committee and Trader said, “Sri Lankan buyers who are unable
the Group’s results during what was a challenging financials and growth for Q1 of 2022, recording a rapid YoY to get tea due to the ongoing crisis, will depend on India.”
period for the market at large. growth of 42% with a total Gross Written Premium (GWP)
revenue of LKR 889 million within the quarter. If the situation continues like this in Sri Lanka, the Indian
The loss reported during the year was a result of market will boom, and people who look for good quality India can
the trading and marked to mark losses incurred on It must be further highlighted that this 42% YoY growth offer them as it produces good quality tea, Tiwari said.
the government securities portfolio by the Group’s for Q1-2022, is on top of the 27% growth gained by Amana
primary dealer division. This was due to the Insurance in Q1-2021. Satish Mitruka, another trader and tea garden owner from
significant tightening of monetary policy measures Siliguri, said if the Indian market expanded more then it will be a
since August 2021. In Q1-2022, the GWP for motor insurance rose by a 50%, boon for the ailing industry.
while non-motor GWPs also noted a 34% growth during the
The Primary Dealer division of the Group reported period. In the non-motor category, Medical, Marine, and Continued on Page 4
a Loss after Tax of Rs 429 million for the year ended Fire & Engineering insurance delivered GWP growths of
31 March 2022 in comparison to a Profit after Tax of 47%, 18% and 12% respectively.
Rs 1.8 billion in 2020/21.

Meanwhile, the corporate finance division reported
a Loss after Tax of Rs 232 million for the year ended
31 March 2022 in comparison to Profit after Tax of
Rs 267 million in 2020/21.

The wealth management division reported a Profit
after Tax of Rs 87 million for the year ended 31
March 2022 as against Rs 77 million in 2020/21. The
assets under management of the division stood at
Rs 41.2 billion as of 31 March 2022 from Rs 45.2
billion recorded at 31 March 2021.

The Stock Brokering division recorded a Profit
after Tax of Rs 230 million for the year ended 31
March 2022 from Rs 75 million in 2020/21.

insightB2
Sunday 22 May 2022
Evolution of consumer Attract
needs; The driving force real est
of future marketing amid eco

By Anjali Caldera

Marketing constantly evolves with turbule
contemporary societies with their needs By Rohan Parikh
and wants and as brands strive to better
leverage the latest technologies. Thus, targeting, positioning etc. would no From the Covid-19 pandemic to its Tools of change that th
observing the conditions of the country doubt support the required marketing current economic turbulence, Sri Lanka leaders of the nation hav
and the requirements of the plans of an organisation. has tackled many challenges thrown at under their belt
contemporary societies is a wise it with resilience. Today, however, Sri
marketing act. Meanwhile, marketing evolves; Lanka is under tremendous unrest and Financial incentives: N
marketing 1.0 was meant to be the pressure and faces a challenging more than ever, it is critic
Identifying the purpose functional marketing, 2.0 was meant macroeconomic situation today. There that foreign investment i
of marketing to be emotional marketing, 3.0 well- are a bunch of contradicting factors that real estate be tax exemp
being marketing, 4.0 moving from need to be mitigated – and this will This exemption was
At the International Conference on traditional to digital, 5.0 –marketing require some difficult decisions. One of mistakenly removed sev
Management and Entrepreneurship technology for humanity. A thorough the things that can change the fortunes years ago, at a time whe
(ICOME 2022), organised by the Open knowledge on these aspects and of Sri Lanka is foreign investments. taxes on domestic
University of Sri Lanka, Prof Philip Kotler, observing the trends from time to industries were
known as the ‘father of modern time with the existing generations The role of foreign real estate disastrously slashed. Th
marketing’, says, the purpose of (especially the present generations of investment lack of tax benefits to fo
marketing is to create, communicate Millennial, Gen Y, Gen Z and Gen investors led to a slowdo
and deliver value that satisfies a target Alpha) as each generation grows up By its nature, the construction in future projects funded
market’s needs or desire at a profit. He with different tastes, preferences and industry opens many opportunities for a
further said, the higher purpose of attitude towards work, seems to be a foreign investor to consider a country as
marketing is innovating new and better must strategy in the journey of the ideal spot for their investment. Real
products and services and creating new marketing success. estate is an infrastructure asset that
markets where the supreme purpose is adds to the wealth and asset base of the
to enhance the wellbeing of marketing. Consumers are keen on nation. It enables the creation of a stable
marketing tricks middle class and secure working class.
At present, there is a lot to accomplish
in marketing, when so many consumers Despite all these strategies, Nearly 3/4th of construction sites in
are preoccupied with managing the theories and trends, still the Sri Lanka are currently halted due to
effects of the global pandemic on their marketers need to think beyond; as varying reasons: ever-rising cost of raw
lives. To reach people in this condition, present generations are more materials, unavailability of essential
vendors would be wise to leverage knowledgeable and cannot be goods due to import restrictions,
emerging marketing trends that promise deceived easily. They are keen on ongoing forex crisis and more. This has
to give them an edge in the competition. marketing tricks; hence know the dealt a massive blow to the labour
Thus, the evolutions in consumers’ product exaggerations (Ex: Lux soft market as construction sites employ
values, as well as how they interact with touch soap ; for soft fragrant skin), large numbers of labourers. It has also
technology today, are among the driving deceptive practices (offer in big print impacted many local suppliers of the
forces behind 2022’s key marketing and conditions in small print), timely hundreds of items needed for
trends. discounts for improper products, construction from doors, windows,
buying options (buy now; pay later), steel, locks, tiles, glass, wood, and
Emerging marketing planned obsolescence(fashion & more. Thus it is critical to get the real
trends technical products) and also estate industry moving again. To
confusion over too much choice. achieve this, it will be critical to make
Along with the pandemic, most of us Hence, marketers should address Sri Lanka an attractive destination for
have been forced to adapt to change these concerns of consumers as well foreign investment.
and uncertainty more than ever before. and plan marketing campaigns
With many of our daily interactions absolutely huge this year,” says carefully; drive less and share your accordingly with the product’s or Digital Educat
going solely digital, purchasing of Battisby. “YouTube is also looking at driving; use public transportation service’s unique specialties.
products and services also led towards enhancing their shoppable tags within more; avoid products and brands Paneetha Ameresekere
a digital platform. The pandemic videos and you can shop on Pinterest.” with lots of packaging and plastic etc. However, in the near future the
transformed the way business to seem to be the concerns of the buyers will be able to select the best It is presumed that in mid-2021 only production. Free educatio
business (B2B) and business to “YouTube is going to explode in products and services at present and brands without resorting to 60 per cent of the primary and available without a fee on
customer (B2C) companies across terms of investment from advertising in then lead marketing campaigns advertising or sales people and the secondary level students had access to instances for a selected g
sectors operated as people went online 2022. I feel like it's a sleeping giant, but I accordingly. success will depend on smart pricing, online education, a recent document students, but right now th
to research, review and purchase. think that the move away from linear strong branding, and owning said. is not available in online e
TV, fragmentation with subscriptions, Further, addressing other social dominant channel positions. where parents have to be
Industry leaders will need to embrace and streaming services all means that responsibilities is a key driving force According to industry experts’ The report titled ‘Policy for Digital connection and the end d
this change and invest in new solutions more advertising spend is going to for effective products and service marketers will use of Virtual Reality Transformation of Education,’ a joint the document said.
to keep ahead of the curve. move to YouTube,” says Brendan businesses. Again, the young (VR) to gauge buyer interest in Education Ministry and State-owned
Almack, Managing Director of generation is keen on these issues possible future products and will use Information and Communication Nonetheless, lack of fu
Social media trends Wolfgang Digital, a company in Ireland. and tends to support such predictive analytics and machine Technology Agency (ICTA) production be an obstacle in implem
campaigns without hesitation. Prof learning to identify and convert the dated 7 April 2022 and released on the centric essential digital ed
Will consumer online buying kill store Last year (2021) YouTube’s global Kotler points out that company best prospects. Marketers will use ICTA website on 15 May 2022, solutions at all education
based retailing? With Covid more people revenue (through its parent company should take a stand on social neural science tools to identify best emphasised that digital transformation the report said. Therefore
started to buy online. Thus, there is Alphabet) grew to nearly US $ 29 billion, problems – poverty, hunger, poor stimuli. Thus, they will make more of education should be recognised as an issue should be addresse
tendency that more and more up almost 46 per cent from 2020. This housing, income inequality, cannot use of customer journey mapping; implementation priority. national education budge
consumers will turn to e-commerce. level of revenue puts the social media alleviate this alone, should help each touch point marketing, personas, includes allocations for d
Besides, in a country like Sri Lanka platform on par with Netflix and is a other. Out of a research done, most of content and influencers. Hence, the It further said that the unexpected and environment in all educat
where people are facing a huge result of the rise in more traditional TV the companies had a cause; Kraft- era of intrusive, meaningless, and unprecedented Covid-19 pandemic it recommended.
economic crisis with shortages of fuel, advertisers on the channel, direct reducing obesity, Levi Strauss- irrelevant advertising will be over, and situation has brought up the
more tend to turn towards online response ads, and brand advertising. prevention of aids, Motorola-reducing marketing may fully morph into weaknesses in the traditional education To solve the funds issu
shopping rather than visiting the store solid waste, Pepsi cola-staying customer advocacy. As a result, system to visibility, complemented by document also advised to
physically. Towards sustainability active, Shell-coastal clean, British marketers need to look out for poor online teaching coverage led by the schools, “at least some o
with Corporate Social Airways-children in need, Starbucks customer’s best interests, and the lack of connectivity for multiple reasons. profit centres ,“For the ina
It is said, social shopping or social Responsibility (CSR) -tropical rain forests, Best buy- brands, being there in the moments funds at individual institu
commerce is expected to reach US $1.2 projects recycled used electronics. that matter. “Online learning, in post-Covid-19, has implement digital solution
trillion globally by 2025 according to an been seriously criticised for its dearth of a white- listed policy for o
Accenture (a research company) study - The present human behavior and ‘Experience’ is the Moreover, marketing in 2022 is equal access. Currently, during and promote locally deve
a growth that’s three times faster than acts seem to have a major impact on topmost going to require business owners lockdown periods, there is no practically platforms such as e-thak
traditional e-commerce. Gen Z and the nature that leads to the constant who are willing to take risks, invest in viable alternative solution for a student gov.lk. ‘e-thaksalava’ is an
Millennials are predicted to be the changing of the climate. Worldwide ServiceChannel Chief Marketing their branding, listen more intently without an internet-connected device. platform for students dev
biggest spenders as they will account overheating of the planet, hurricanes, Officer, Seema Kumar says, “People than ever before when engaging with Educational institutions have found out Government of Sri Lanka
for 62 percent of global social fires, floods reminds of the fact that don’t just want a retail store these customers online or face failure as that out the hard way when sizeable ‘meet.gov.lk.’ is an open s
e-commerce revenue by 2025. companies + households must reduce days, they want a retail experience. competition continues to grow at sections of students claimed not to have GoSL, video conferencing
carbon footprints and move to solar They don’t just want a restaurant, unprecedented rates. Thus, Prof an access device for online sessions,”
Alison Battisby, Social Media energy and away from fossil fuel. they want a dining experience. Next Kotler points out that marketing the document warned. Coping with chan
Consultant at Avocado Social, a social Besides, the present generation is year, brick-and-mortar businesses creativity will be crucial in the area of nature of learning
media consultancy agent in the UK sees concerned more about conservation of will take this focus on experience to experiential marketing, thereby However, the Government must make
TikTok as a platform that marketers environment and they tend to go for the next level, competing to provide ‘within five years if you are in the online education possible for each child, “Universities must also
need to take seriously in 2022 as TikTok products and services that engage in the experiences that will be same business you are in now, you’re irrespective of their social and economic with industries through U
will continue to grow with the number of CSR projects and are environment unforgettable for consumers. going to be out of business.’ backgrounds, making suitable end Business Link) or explore
users get signed in for TikTok as a friendly. Experience remains one of the few devices available for them.” ‘One-Device possibilities from which f
leisure time activity when they work things you can’t order online and get The writer is a former Business for One- Student’ for online education in generated,” it said.
from home or just a break with all the Today, research has shown that a delivered: look forward to an Journalist attached to Ceylon Today, the long- run should be the
stress at working places. majority of consumers (especially experience renaissance next year Government’s aim,” it emphasised. “Traditional education
generation of Millennial, Y,Z and Alpha) that will be apparent in all industries a Visiting Lecturer at University of have seen particularly in t
In terms of the platform’s revenue, will boycott a brand because of its from retail to banking to fitness and Kelaniya, SLIIT, SLF, a freelance The argument is that students from Covid-19 period are not b
TikTok was the top-earning non-game position on a social or political issue, beyond.” financially disadvantaged backgrounds to cope with the changing
app in 2021 with more than US $110 and it is no longer acceptable for Writer and a Sworn Translator. (B.A & are left behind – not having good learning,” the report admi
million spent by users according to a brands to sit on the sidelines when it Following marketing M.A in Linguistics at University of internet access means no learning, it
research done by The Digital Marketing comes to the issues their customers theories Kelaniya, and a Postgraduate in said. Nevertheless, every ed
Institute headquartered in Australia. care about. Hence, marketing should vocational training institu
This just shows the earning potential of focus on profit + sustainability at the Meanwhile, following the theories Tourism at University of Colombo). However, online learning is just the ideal environment to b
the app for marketers looking to drive same time. of marketing is essential to compete another mode of education. But it
sales amongst young consumers. with the rest while adhering to the cannot get away from the bigger issues
Battisby further adds, “TikTok has Thereby, marketing might have to current marketing trends. The tenets associated with education, that is a
enormous engagement (US users change its purpose, Forbes Agency of marketing, buyer-needs centered; private good. Though many like it to be a
spend up to 850 hours a month on the Council says marketing must aim to the 4A’s – awareness, accessibility, public good, it does not behave so. It is
platform) and offers individuals and reshape and reduce consumption in acceptability, affordability, the 4Ps – competitive, “consumption by one
brands the opportunity for their videos advanced countries in the interest of product, price, place, promotion: 4Cs individual prevents access to another,”
to go viral: no mean feat in the social saving the planet. Needed more –company, customers, collaborators, the report argued.
media realm. Influencers have also de-marketing campaigns: recover, competitors; STP- segmentation,
played a role in TikTok’s rise with many reuse and recycle existing products It is excludable too; education has a
earning huge amounts through and resources; use water more cost and this constrains infinite
sponsorship deals.” Battisby believes
that brands are now taking notice of
influencer marketing on the platform.

Further, during the pandemic, brands
flocked to Instagram and YouTube as
well. “TikTok has partnered with
Shopify, Instagram is making huge
developments with their shopping area
within the app, so I think social
shopping is just set to become

insight Sunday 22 May 2022 B3

ting foreign Cyber Resilience:
tate investment
onomic Thinking Beyond
ence in Sri Lanka
investor must be made to feel welcome
and safe. Despite the efforts of an Cyber Security in
overwhelming majority of forward
thinking leaders and bureaucrats, a the ‘Next Normal’
small minority can do a lot of damage.
he exchange and impacted Policy clarity: It is important for By Chaminda 2. the leaders need to have
foreign investors to perceive the In my own case, we were hounded Vithanage faith in their capacity to react
ve forex inflows. country as having a stable regulatory and harassed by some politicians to a cyber-attack and uphold
environment. The period from 2016 to without cause, and were slandered in After the COVID-19 customers’ trust. As of now,
Simultaneously, the tax 2018 saw a lot of sudden changes in an extremely unfair and untrue attack pandemic hit the world, we do not have a cyber
policy and processes that resulted in a by local media. We were attacked for many organisations resilience framework that is
Now, cut on local companies led great amount of uncertainty and being a foreign company and we lost a changed how they do their being widely accepted by the
trepidation among foreign investors. lot of business due to this slander. This business. Today, with industry.
cal to a draining of the State This needs to be avoided during any frightened our staff and made many of remote working becoming
change of administration as it does our investors decide not to invest in Sri the new normal, people can On the other hand, the
in budget. It left the country long-term damage to the country’s Lanka again. In the same breath, I am work anywhere in the world industry has different
reputation among investors. Just as an also happy to report that in the end, the by connecting to a plethora maturity models that help
pt. extremely vulnerable to a example, the rule on VAT and NBT was legal system in Sri Lanka came to our of devices and networks. businesses measure cyber
changed three times in the space of a rescue and the Courts passed an Order This has led numerous security, supply chain,
shock like Covid. Today, we year during that period. protecting us. types ofcyber-attacks to digital transformation, etc.
resurface – from phishing, and But to measure cyber
veral hope that strong financial Protection of investors: A foreign We survived, shaken but still resolute ransomware to malware, posing resilience, there is no maturity model.
in our commitment to Sri Lanka. significant risks for businesses, What does one look like? This is not just
en incentives are put in place to Unfortunately, not all foreign investors individuals, governments, and about the capability to reply and
have that kind of resolve, especially economies. recover; it is how rapidly we salvage
attract foreign investors when there are other markets that offer and what we prioritise.
more welcoming access. The need However, organisations have not I believe it should not be another self-
Rohan Parikh back to Lanka. Without here is to empower the Board of adequately put in robust strategies to assessment method or a list that
Investment with real powers to tackle secure their businesses and data. Many checks certain boxes. A mature cyber
he Chairperson, Iconic these, markets like India, such roadblocks and to protect foreign of them often go for a traditional resilience mechanism needs to be
investors. defensive cybersecurity approach that flexible, compliant, and uninterruptedly
oreign Developments Pakistan, Thailand, and focuses on safeguarding the refining.
I have been investing in Sri Lanka for confidentiality and integrity of data. As someone who has been in the
own Dubai will always seem like over 15 years now. We were the first But, threat surfaces are now more industry for 02 decades, I believe the
company to invest in Sri Lanka once extensive than before, and industry should develop a framework
d by foreign better avenues for investment. the war ended. I have seen the resolve cybercriminals know this. According to that assists an organisation and its
and strength of the nation and I am Business Insider 1 , cybercrime has higher management in understanding
confident that this crisis will pass. I increased by 600% in 2020 alone. This the significance of cyber resilience and
hope that we are able to learn from the proves that all the traditional defenses how it will be accomplished.
crisis and come back better and companies have implemented proving
stronger. inadequate in the face of more Measuring cyber
sophisticated attacks that grow day by resilience
(The writer is the Chairperson of day.
Iconic Developments and an alumnus Most importantly, the framework
In such a context, every organisation needs to define a methodology and
of the Wharton School of Business must have cyber resilience in addition outlook toward bringing cyber
and INSEAD.) to cyber security. “In September 2021, resilience. For example, is your
we wanted to raise our employees’ company arranging any spontaneous
tion, Implementation Priority awareness of phishing emails. So, we acts of resilience?
sent a note seemingly from the HR
on makes it student-centric digital education and limited to in the area of language, PR geographical locations and socio team with a link to update their Do you develop cyber risk mitigation
n selected they need to be fully equipped with and marketing, negotiation, economic conditions of families, vaccination details and log in to provide plans as a practice, or do you only do it
group of computer labs so that students can be presentation, etc.). Therefore, the ‘Connectivity for all’ for online their credentials. There were some when there is an audit? There is always a
hat opportunity trained, by providing them with inculcation of these skills too should be education (at affordable costs), should obvious clues like the domain being multi-faceted tactic to resilience, and it
education, adequate and equal opportunities, it given the due recognition and cultivated be GoSL’s aim, the document said. 99xx and a few typos. It was quite a should synchronously answer to threats
ear the costs of said. in students during the process of their concern for us when unconsciously, while helping to achieve business goals.
device usage, digital education, the document But going by recent experiences, many took the bait and clicked the link.
All educational institutes must recommended. technical difficulties on online We had two employees who were How would you measure cyber
unds should not possess the resources (equipment) education, both from the lecturers’/ observant and took the initiative to resilience? It might involve a few steps:
menting student- necessary to create the ideal Among some of the other policy teachers’ end and students’ end have raise the alert to our IT team.” 1. The organisation needs to identify its
environment for digital education, the recommendations in the report were to been rampant. Many sessions have
ducation document emphasised. “ Students at all give deliberate focus to integrate been prematurely ceased because of What is cyber resilience? most critical data and capabilities.
nal institutes, levels, primary, secondary and tertiary, activities for inculcating soft skills, these technical difficulties. Therefore, 2. It needs to figure out how well the
e the funds may not always find the learning including language, PR and marketing, online education activities should run Cyber security is defending your
ed through the resources for their studies at affordable presentation and negotiation, team with minimum technical hassle and business against cyber threats. Still, systems are integrated to understand
et, which costs, therefore, all schools, universities, spirit, leadership, etc. in all curricula minimum time waste to students and cyber resilience pertains to a broader how vulnerable the business is to
developing ICT higher education institutes and including case-based learning. lecturers/teachers, the report scope of things, taking things a step attacks. How the company hires and
tional institutes, vocational training institutes must make recommended. further as far as cyber security is develops the skills of its employees is
the necessary learning resources Introduce English in every vocational concerned. As per UpGuard 2 , cyber also vital, and building partnerships
ue, the (books, journals, videos, etc.) available course as a compulsory module while Selection of software resilience is concerned with with industry players and competitors,
o convert to their students for education introducing online self-learning English maintaining effective operations while and public institutions is also essential.
of them,” to purposes, the document also learning applications. The document also recommended preparing for, responding to, and 3. Most importantly, the approach of the
adequacy of emphasised. that the selection of software to be recovering from cyber incidents. This business needs to change, so that you
utes to Conduct training used for learning and administrative includes detecting and mitigating any are securing your company and
ons, implement “While our wish list is extensive, the purposes should be executed through cyber threat, patching up vulnerabilities, enabling the company through
online platforms ability for the current systems to deliver In this connection the report a committee of knowledgeable creating awareness, and educating security.
eloped the expectations is questionable,” the recommended to have a unit in each individuals, where the periodic employees about cyber security. 4. Measuring customer trust and
ksalava, meet. document however admitted. In case a university to conduct training, introduce monitoring of the installed software However, a company should be doing transparency should be considered an
n e-education situation arises where students are new technologies and to also provide for their relevance for the courses, these things continuously rather than important step.
veloped by the prevented from learning activities the the necessary training to other usability (whether there are advanced sticking to an annual plan or something Different businesses might face
a (GoSL), while typical manner, digital education stakeholders (just as the English training versions for instance) and/or licensed/ similar. various threats and risks, and there will
source, secured, systems should be best used to provide unit). authorised for the use need to be be no one-size-fits-all approach to cyber
g platform. them the learning activities they miss; checked and monitored. Additionally, embedding cyber resilience. However, the points I have put
irrespective of their geographical Address connectivity issues faced by resilience in every element of a business down above would facilitate a practical
nging locations, socioeconomic conditions of schools and students (including home The report however warned that is critical. This includes wrapping process toward cyber resilience. It will
g their families, etc. reach) by having a policy for every child every student, at all levels primary, resilience into every organisation’s help organisations rally all stakeholders
to have access to low cost, quality data secondary and tertiary must be process, business unit, and system. around a common goal, monitor
o collaborate The Government, in the true spirit of at home and in school. (The coverage of protected from cyber threats (or any Building resilience in every part of a investment decisions, and bring forth the
UBL (University ‘free education,’ provide the the networks should be islandwide.) inconveniences in the digital space) business will ensure that a threat will be practice of constant development. Most
e other infrastructure facilities (devices, through the joint efforts by teachers, tracked and necessary mitigation steps of all, cyber resilience should provide
funding may be connections, etc.) as much as possible, Arrange service providers to offer parents/guardians and school/ being taken and managed on time leadership with the confidence that when
enabling students to have continuous islandwide free or affordable internet university/higher education/ without disrupting a company’s brand, the worst happens, an organisation can
systems as we and regular education, as close as packages to students and teachers. vocational training institute finance, and customer trust still deliver on its commitments.
the post- possible to what could be got from Provide devices free of charge or at an administrators. commitments.
best equipped traditional classroom education, affordable cost for students who cannot In conclusion
g nature of irrespective of their backgrounds, the afford them. The digitalisation process in every No proper cyber resilience
itted. document however argued. educational institute should also be framework The world has changed since the
ducational and Provide a suitable device for every sustainable and environment-friendly pandemic. It is no longer enough to
ute should have The report also said that a critical teacher engaged in online teaching. and the e-waste be properly managed. Cyber resilience aims to ensure secure your organisational systems
be conducive to component in digital education is that it Provide devices for schools sothat operational and business continuity with merely. C-suite executives need to
always goes hand-in-hand with hard children share them. Formulate, with Consequent to the fact that the insignificant impact. However, there is rethink what they will do when they are
skills, soft skills (including but not local commercial banks, educational disposal of computer and peripheral no proper mechanism to measure cyber attacked. Remote work will be here to
loan schemes for both parties equipment to the environment could resilience. But, in any organisation, stay for some time, but cyber attacks are
(lecturers/teachers and students) to lead to serious environmental issues 1. https://www.businessinsider.com/ also becoming more frequent and
purchase devices. in the long run, the digital education sophisticated. In such a context, whether
process must be environment-friendly top-un-official-warned-of- you are in the public or private sector,
The report further said that adequate and sustainable with e-waste recycled cybercrime-spike-during- cyber resilience will be non-negotiable.
bandwidth and quality in connectivity is or disposed with minimal possible pandemic-2020-5
a must for online education. However, environmental impact, the report (The writer is Senior Director –
reliable and effective connectivity is not further recommended. In this Process; Compliance at 99x)
available islandwide. Absence of connection, it said to accept the
connectivity is a common issue for guidance of the Central Environmental
many areas of the country. Therefore, Authority (CEA) to have a mechanism
connectivity should not be a luxury for to recycle/dispose of the e-waste.
few but a facility available for all
students irrespective of their

B4 Sunday 22 May 2022 XXXX

POTENZA HELA APPAREL Initiative by Dialog,
Partners HOLDINGS RECEIVES MAS, Hemas & CBL
with HNB ISO 14064-1:2018
CERTIFICATION Manudam
To Facilitate Robotic Process Automation Mehewara’
(RPA) for Mainstream Banking reache 10,000
Families
Team Hela receiving the certificate from the Sustainable Future Group
In a mission to provide emergency relief
Photo Caption: Second Row (Left-Right): HNB Project Manager Marking a key milestone in its international standards, including ISO waste reduction that will support the to the most vulnerable communities
- Process Re-Engineering, Munaf Afzal, Associate- Intelligent sustainability journey, Hela Apparel 14064-1:2018.” achievement of its GHG reduction across the country, amidst the ongoing
Automation at POTENZA – Prathiba Fonseka, HNB Head of Business Holdings has been awarded the targets. The next step will be to set and economic crisis, the ‘Manudam Mehewara’
Transformation, Christopher Thuraisingham, Managing Director / prestigious ISO 14064-1:2018 Hela continuously strives to be a receive third-party approval of a near- initiative reached its first milestone of
Chief Executive Officer at POTENZA- Dhanusha Muthukumarana, certification by The Sustainable responsible manufacturer and has term GHG emissions reduction target aiding over 10,000 families in-need.
HNB Deputy General Manager - Chief Human Resource Officer/Chief Future Group (SFG). introduced multiple sustainability and Net Zero goal under the SBTi, as
Transformation Officer, L Chiranthi Cooray, Deputy General Manager - initiatives to reduce its environmental well as interim KPIs supporting the Joining hands with like-minded partners
Wholesale Banking Group, Damith Pallewatte, HNB Head of Trade & The ISO 14064-1:2018 certification impact. Numerous plant sustainability SBTi reductions target and including its execution partner Sarvodaya
Financial Institutions, Rozanne de Almeida, HNB Manager - Business was awarded to Hela in recognition of and environmental compliance achievement of true Net-Zero. Shramadana Movement and independent
Development-Trade, Shyam De silva, HNB Head of IT PMO, Nadun the group’s efforts to establish a certifications demonstrate these auditor PwC Sri Lanka, Manudam
Gomes. framework to quantify and report on efforts. In particular, Hela has obtained Hela Apparel Holdings is a social Mehewara was initiated by Dialog Axiata
Frist row (left-right): HNB Trainee Bank Associate, Yohani their greenhouse gas (GHG) both the Global Recycled Standard capital-focused company built on the PLC, MAS Holdings, Hemas Holdings
Abeygunawardena, Associate- Intelligent Automation at emissions in accordance with ISO’s (GRS) and Global Organic Textile principles of inclusivity, equality, and PLC, and CBL Group with the end goal of
POTENZA- Krusthiga Murali, Business Analyst at POTENZA -Poshene strict requirements, as well as Standard (GOTS) and is working sustainability. With over three decades providing emergency support to over
Sivaruban, HNB Project Manager - Business Transformation, Nuwanka implementing a Carbon Management towards B Corp certification. of industry experience, Hela focuses 200,000 vulnerable families and
Perera. Plan to work towards reducing on building strategic partnerships with communities across the country that do
emissions where possible. A “This ISO certification is a testament global brands to provide apparel not have access to essential supplies and
POTENZA, the Sri Lanka- Limited said, “We are very comprehensive group-wide GHG to our constant drive to improve in our supply chain solutions with distinctive basic necessities. ITN, Siyatha,
based global business pleased to announce this inventory assessment was carried out sustainability efforts despite the global advantages. Swarnawahini, TV Derana and Vasantham
technology consultancy partnership with one of Sri which included all applicable direct and local challenges we face today,” are also supporting the initiative as media
group, recently announced Lanka’s most respected and indirect Category 1, Category 2, said Shameen Peiris, CEO of Hela The organisation has a global partners.
a landmark partnership with financial institutions. We Category 3, and Category 4 GHG Intimates. “Hela is committed to being presence with 12 manufacturing
Hatton National Bank look forward to supporting emissions. at the forefront of the apparel facilities across Sri Lanka, Kenya, Emergency relief is currently being
(HNB), as its official HNB on their RPA journey. industry’s drive towards carbon- Ethiopia, and Egypt, as well as design distributed across all 25 districts, and the
implementation partner, to As many commercial and “I would like to congratulate Hela neutral growth with the aim of a centres in Sri Lanka, the US, UK, and Manudam Mehewara programme will
facilitate and support the industrial processes are for obtaining their ISO certification,” sustainable future for the industry. The France, and provides direct conduct its relief efforts until a sustainable
bank on its journey of repetitive, RPA can then said Faris Fausz, Managing Director of certification is a reaffirmation of our employment to over 19,000 people. benefit transfer system is established
robotic process reduce human intervention SFG. “Hela is demonstrating a strong long-term commitment to help lower Innovative, ethical, and sustainable through an effective recovery plan.
automation. As a first step, in these processes while commitment to reducing its climate our environmental impact.” apparel manufacturing is at the centre Manudam Mehewara invites all corporates
POTENZA is managing the increasing efficiency and change impact by thoroughly, of Hela’s operations, with numerous to join our shared mission to support over
implementation of HNB’s reducing both errors and transparently, and properly measuring As all other sustainability accolades for sustainability, the 200,000 vulnerable families across Sri
‘SWIFT Messages costs. This in turn helps to and reducing its carbon footprint, in performance areas impact GHG organisation was recently endorsed as Lanka.
Extraction and Integration’ provide better, more line with the most stringent emissions, Hela will also be setting a signatory to the UN Global Compact.
process, which is a critical seamless services to new targets for energy, water, and
process for HNB’s import/ customers. Most
export trade transactions. importantly, it allows for CEAT rolls out new premium retail concepts
companies to better
A pioneer in RPA, distribute and utilize their CEAT Kelani Holdings has begun the ‘Shoppe’retail concept already CEAT has already launched two SIS Commenting on the launch of
POTENZA first introduced human capital, allocating rollout of two new retail concepts in Sri launched in the subcontinent. retail outfits in Colombo and plans to these new retail concepts, CEAT
the technology to Sri Lanka people to positions that Lanka for the CEAT brand, already the complete four more before the close of Kelani Managing Director Ravi
in 2018. Since then, it has actually need human strongest and most valuable tyre brand The CEAT Shop in Shop concept 2023. Dadlani said, “CEAT’s emergence as
established itself as the intervention, which is also in the country according to Brand entails demarcating a dedicated area the top brand in Sri Lanka’s tyre
premier RPA consultancy in often much more fulfilling Finance. for CEAT branded tyres within existing Meanwhile, the Company Invested sector is the result of substantial
Sri Lanka, with a global and engaging for people. multi-brand dealer premises. CEAT will Dealer Operatedor CIDO outlets are investments over several years that
footprint, including Thus, RPA creates a win- Part of a three-year distribution furnish the floor, customer lobby and essentially CEAT flagship stores have seen not just exponential
supporting organizations win situation for channel expansion strategy signed to reception areas of this private space to established around the island to create increases in volumes but expansion
with the most businesses, customers and drive brand exclusivity and augment customer comfort. an exclusive space for the brand. CEAT of the product range, the deployment
comprehensive software employees, while also premiumisation and enhance customer Additionally, the Company will also CIDOs are designed to significantly of new technology and quantum
bot pool in Sri Lanka. pushing commerce and experience at partner outlets, in tandem invest in interior branding, signage, and enhance brand visibility, customer improvements in quality. It is
Worldwide, POTENZA has industry towards industry with product improvements, these new innovative product display racks to engagement, and crucially, the therefore important that the visibility
automated more than 60 4.0, which is the future.” retail concepts are branded ‘Shop in emphasise the tyre offerings available customer experience. As the name of the brand at the retail end as well
process chains with Shop’ (SIS) and ‘Company Invested with the channel partner.Besides suggests, CEAT will invest in these as the customer experience, keep
unattended automation In terms of quantifiable Dealer Operated’ (CIDO) business enhancing the visibility and positioning outlets by providing tyre changing pace with, and do justice to, the
across a variety of results, POTENZA’s first models, the company said. They were of the brand, this model will also equipment in addition to the branding brand’s growth. The SIS and CIDO
industries in 9 countries. implementation of RPA at developed in consultation with CEAT increase the channel partners’ share of suite, the furniture and fixtures for these concepts are part of that process.”
HNB has resulted in an India, and shadow the CEAT wallet, the Company said. outlets.
Announcing the increase in productivity by
partnership, Dhanusha approximately 68% whilst
Muthukumarana – MD/CEO also improving accuracy.
at POTENZA (Private)

Continued from page 1

Seylan Bank FSriticLhanDkoaw..n. grades CBSL expects...
records PAT...
Across the country many citizens are seen standing in queues to
Seylan Bank recorded a compared to 9.07 per cent These scores reflect the high weight that established rule of law and a moderate level of obtain fuel, gas and other essential items for day-to-day life.
total operating income growth recorded in 2021. The Return the World Bank Governance Indicators have corruption.
of 21.80 per cent amounting on Average Assets (ROAA) in our proprietary Sovereign Rating Model. Sri Prime Minister Ranil Wickramasinghe on Thursday advised public
Rs 9.1 billion during the recorded as 0.94 per cent in Lanka has a medium World Bank ESG - Creditor Rights: Sri Lanka has an ESG sector employees to work from home as the fuel shortage deepens
period under review 1Q 2022. Earnings per Share Governance Indicator ranking in the 46th Relevance Score of ‘5’ for Creditor Rights as and transportation has become a major issue.
compared to Rs 7.5 billion in (EPS) in 2021 stood at Rs percentile, reflecting a recent record of willingness to service and repay debt is highly
the correspondent year. The 1.82, a slight increase peaceful political transitions, a moderate relevant to the rating and is a key rating driver Poor and rich alike are seen staying at multiple-hours long queues
Bank’s net gain from trading compared to the Rs 1.74 level of rights for participation in the political with a high weight. The downgrade of Sri wasting much valuable man-hours, which otherwise could have
recorded Rs 3.6 billion in 1Q recorded in the comparative process, moderate institutional capacity, Lanka’s rating to ‘RD’ reflects a default event. been utilised for productive purposes.
2022. year, while Net Assets Value
per Share recorded at Rs 88.31 (MA) CBSL in its annual report estimated that the Sri Lankan economic
Net Fee and Commission (Group LKR 91.46). growth would contract to 1 per cent this year, a revision from 5.5 per
Income recorded a notable Sri Lankan economic... cent predicted earlier this year.
growth of 24.20 per cent to Rs Seylan Bank remained
1.437 billion from Rs 1.157 adequately capitalised in Q1 Mitruka said Sri Lanka is a major the recession is attributed to foreign Last year, the Sri Lankan economy managed to accelerate at 3.7
billion mainly due to increase 2022, with the key capital producer of orthodox tea, they produce exchange shortages caused by a per cent after contracting to 3.6 during the previous year.
in Card Related Income, Trade adequacy ratios above the around 3 million kg clampdown on tourism during the Covid-
Finance Related Fees, and regulatory minimum 19 pandemic. CBSL made the following views with regard to the current and
Other Financial Services requirements. The Bank’s of orthodox tea, and a majority of its potential economic climate. “Lanka’s economy is envisaged to grow
Related Income such as Common Equity Tier 1 (CET 1) products are exported to European and The country is unable to buy sufficient modestly in the near term as the economy is to reset with a debt
commission income and Capital/ Total Tier 1 Capital American countries. fuel and gas, while the people are being restructuring programme and long overdue structural reforms
E-banking. The Loans and Ratio were recorded as 9.78 deprived of basic amenities as well. alongside an economic adjustment programme to be supported by
Advances portfolio of the Bank per cent and the Total Capital “Now due to this economic crisis buyers the IMF, which is expected to facilitate the economy to gather
recorded a growth of 4.56 per Ratio as at end March 2022 will hesitate buying tea from Sri Lanka and As the economic crisis in Sri Lanka is momentum over the medium term.
cent to Rs 462.1 billion during was 12.78 per cent. will shift to India,” he stressed. worsening day by day, several people
1Q 2022. Seylan Bank’s overall including those jobless are participating in “The build-up of macroeconomic instability in the economy,
deposit base recorded a The Bank recorded “The shift will boost the orthodox tea the protest against the government to get stemming from the heightened vulnerabilities on both the external
growth of 5.52 per cent to Rs impairment provision of Rs 3.4 market in India,” he added. two-times meals. and fiscal fronts, rising social unrest and political instability, effects
515.6 billion in the period billion for 1Q 2022 compared of the pandemic, the domestic energy crisis, and elevated
under review with the Bank’s to Rs 2.2 billion for the Sri Lanka is currently struggling with (ANI) commodity prices both globally and domestically are expected to
CASA ratio (Current and correspondent year. Income acute food and electricity shortages and significantly dampen the growth prospects in 2022 and have
Savings) at 34.24% per cent tax expenses stood at Rs lingering effects in the immediate future leading to a slowdown in
413.2 million which is a 5.36 growth.
The Return on Equity (ROE) per cent increase from the
stood at 8.18 per cent for the comparative period which “Also, economic activity is likely to further slowdown amidst the
period under review, stood at Rs 392.2 million. announcement of a suspension of external debt servicing by the
Government for an interim period and commitment to a debt
restructuring programme.

“However, the commissioning of prudent macroeconomic
policies aimed at stabilisation of the domestic economy coupled
with an IMF engagement, improved monetary and fiscal policy
coordination and envisaged SOBE reforms is expected to restore the
pace of growth over the medium term.”

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